Brookfield Lands Refinancing Deal for 5 Manhattan West

NEW YORK CITY—Brookfield Property Partners secured a $1.15-billion refinancing deal for its 5 Manhattan West office building here.

The building ownership, which includes partner Qatar Investment Authority, secured the loan from German bank Landesbank Baden-Wurttemberg, according to property records cited by the Commercial Observer.

The deal, which reportedly closed on March 28, replaces and consolidates $570 million in financing from Wells Fargo with a new $580 million loan. The new loan for the 16-story, 1.8-million-square-foot building is backed by Brookfield’s properties at 450 West 33rd St., 368 10th Ave. and a lot on West 31st Street.

The building recently underwent a $350-million renovation. The property’s office space is now 99% leased. Amazon recently signed a 360,000 square-foot lease. Other tenants include JP Morgan, R/GA, and Markit.

Last September, Amazon announced it was leasing 360,000 square feet at 5 Manhattan West, taking the entire sixth and seventh floors and portions of the eighth and 10^th floors at the property.

Retailer Peloton has signed two leases totaling more than 30,000 square feet at 5 Manhattan West, according to the Commercial Observer. The transactions involve 26,400 square feet for a studio and nearly 6,000 square feet for office space. Newmark Knight Frank reportedly represented Peloton, while JLL handled lease negotiations for Brookfield.